I feel like I’m blogging this same thing over and over. But I’m guessing you would want to know if rates are going down, even if it means I’m a broken record!

Mortgage rates once again inched lower this past week, lowering the cost of borrowing and increasing housing affordability.
 
 

 
 
“Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Here’s a closer look at rates for the week ending Feb. 2:

30-year fixed-rate mortgages: averaged a new record low of 3.87 percent, with an average 0.8 point, dropping from last week’s 3.98 percent average. A year ago at this time, 30-year rates averaged 4.81 percent.
15-year fixed-rate mortgages: also reached new lows this week, averaging 3.14 percent, with an average 0.8 point. Last week, 15-year rates averaged 3.24 percent and a year ago at this time 15-year rates averaged 4.08 percent.
5-year adjustable-rate mortgages: averaged 2.80 percent, with an average 0.7 point, dropping from last week’s 2.85 percent average. Last year at this time, 5-year ARMs averaged 3.69 percent.
1-year ARMs: averaged 2.76 percent this week, with an average 0.6 point, inching up slightly from last week’s 2.74 percent average. A year ago, 1-year ARMs saveraged 3.26 percent.

by Betsy Ballantyne (interest rates provided by Realtor.com)
betsy@betsyballantyne.com